Greece has reached a deal with its European creditors to avoid an exit from the euro and financial chaos. CBC News brings you the latest updates.

Asian stocks won a reprieve on Tuesday after sharp falls the previous day but investors remained on edge amid uncertainty over Greece's position in the euro and volatility in mainland Chinese share markets. Japan's Nikkei rose 1.2 percent while MSCI's broadest index of Asia-Pacific shares outside Japan, which fell to six-month low on Monday, was up 0.2 percent.

European and U.S. stocks fell on Monday after Greeks voted overwhelmingly to reject more austerity. However, despite the uncertainty and general risk aversion stemming from the Greek saga, most markets were relatively becalmed following the initial selloffs.

The leaders of Germany and France say they respect Greece's vote against the terms of an international bailout, and added the door remains open to negotiations with the Greek government to find a way to keep the country in the 19-country eurozone.

German Chancellor Angela Merkel stressed the importance of Greece taking "responsibility" for reforming its economy, while French President Francois Hollande said it is important for Europe to show "solidarity" with Greece. The two leaders run the eurozone's largest economies.

The two leaders met in Paris on Monday. Their brief statement sets the tone for an emergency summit Tuesday in Brussels of the eurozone's 19 national leaders.

French Prime Minister Manuel Valls says his country will do everything possible to keep Greece in the eurozone, saying its exit would be a "risk for global economic growth."

In an interview with the RTL radio network Tuesday, Valls denied that Grece's "no" vote was a rejection of Europe or its values but rather an expression of pride. He called on Greece's prime minister to put forward a plan and said France would be open to rescheduling Greece's debt.

Valls says: "The eurozone must stay coherent, reliable. Europe is not just a currency. It is a conception of the world."

A butcher smokes as he waits for customers in a local market in central Athens on Tuesday. Greece faces a last chance to stay in the euro zone on Tuesday when Prime Minister Alexis Tsipras puts proposals to an emergency euro zone summit. (Jean-Paul Pelissier/Reuters)

Greek Prime Minister Alexis Tsipras is expected to present new proposals to an emergency euro zone summit on Tuesday in Brussels, under pressure from European leaders to come up with credible ideas as his country's banks face potential meltdown.

New Greek Finance Minister Euclid Tsakalotos, centre, and Spanish Economy Minister Luis de Guindos, left, greet each other at the start of a special Eurogroup Finance Ministers Meeting on the Greek crisis at EU Council headquarters in Brussels on Tuesday morning. (Olivier Hoslet/EPA)

A souvenir shirt is seen for sale outside a souvenir shop on Tuesday. Greek Prime Minister Alexis Tsipras is working on new debt crisis proposals and is due to present them at a Eurozone emergency summit today. (Christopher Furlong/Getty Images)

Greece's new Finance Minister Euclid Tsakalotos arrived in Brussels today for an emergency eurozone summit without the fresh new bailout proposal that his colleagues had widely expected him to bring, according to multiple reports.

A slew of global economic and geopolitical factors are working to pummel the price of oil and set up U.S. drivers for very low gasoline prices later this year, according to analysts, including the Greece financial crisis:

The Greek financial crisis could slow economic activity in Europe, which would reduce demand for gasoline and diesel.

The financial turmoil in Greece and China is also strengthening the U.S. dollar, which tends to push down the price of oil because oil is priced in dollars around the world.

"All signs point south for oil prices," wrote Thomas Pugh, commodities economist at Capital Economics, in a report Monday. Pugh reduced his forecast for oil prices at the end of this year by $5 to $50 a barrel.

Following are comments from French president Francoise Hollande as he arrived in Brussels for an emergency summit on Greece:

"What do we want? For Greece to stay in the euro. To get there, Greece must make serious, credible proposals. We are waiting for them and they have already been announced, they must be fleshed out now. It's the issue for tonight.

The onus is on Greece to make some proposals. It's up to Europe to show solidarity by giving them a medium-term outlook, with immediate aid.

Stocks in the U.S. fell broadly following drops in overseas markets as Greeks voted to reject creditor conditions for more loans, but the losses weren't as steep as many had feared.

With time running out for Greece to strike a new deal and its banks desperately short of cash, a wave of selling that started in Asia early Monday spread to Europe, then the U.S. By the end of the day, nine of the 10 industry groups in the Standard and Poor's 500 index were down. But the index itself had fallen a modest 0.4 percent.

Still, many investors were clearly nervous, putting money into assets considered safe bets in turbulent times such as U.S. government bonds. A rout in the stocks of oil drillers and other energy companies fed the selling as the price oil plunged nearly 8 percent.

Eurozone leaders met the beaming smile of Prime Minister Alexis Tsipras with anger and frustration Tuesday when it became clear the Greek leader came to their summit without a fresh written proposal on how to save his country from financial ruin.

Greece's deputy finance minister said tax revenues have not suffered as much as expected during the bank closures, allowing the state to cover domestic costs this month.

"It was a positive surprise ... Taxes are doing well, not at the level we had expected before all this happened, but not far off," Deputy Finance Minister Dimitris Mardas told state television.

Many Greeks with the ability to pay have attempted to settle taxes, loan payments and other costs, such as school fees, over the past 10 days since they have worried the money could disappear from their accounts anyway if the government would be forced to raid deposits to prevent a banking collapse.

Mardas said the government was "not currently considering" the measure and hoped to "gradually" restore bank operations and services, without giving further details.

Going to Greece? Canada’s Department of Foreign Affairs has some advice for you: bring cash and expect long lines at bank machines.

"Due to recent developments in Greece's financial situation, banks have been closed since June 29, 2015 and are expected to reopen on July 8, 2015. While capital controls have been imposed until further notice, foreigners holding debit and credit cards issued by banks in countries other than Greece may be affected. Expect long lines at ABMs and a shortage of hard currency throughout the country. Plan to have more than one means of payment (cash, debit cards, credit cards) and ensure that you have enough cash to cover travel expenses."

Read all of the recommendations for travellers bound for Greece:travel.gc.ca

At the press conference of the Euro Summit on 7 July 2015, President Donald Tusk presented the agreed outcome of the meeting

"All sides of the negotiations share the responsibility for the current status quo. That is why today I called on all leaders to try to find consensus, which will be our common success, with no losers or winners. If this does not happen it will mean the end of the negotiations with all the possible consequences, including the worst-case scenario, where all of us will lose. Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. And for sure, it will be most painful for the Greek people. I have no doubt that this will affect all Europe also in the geopolitical sense. If someone has any illusion that it will not be so, they are naive."

Greek Prime Minister Alexis Tsipras says his government has submitted a proposal for an agreement to the eurogroup and to the European Council.

Tsipras said Tuesday the proposal was what had been formulated as a national strategy by a political leaders' meeting in Athens, but didn't specify if it was a written or verbal proposal.

He said it contains "credible reforms that are socially just and include in reciprocity a commitment to cover the country's financial needs in the medium term, a strong investment package to counter big problems such as unemployment, as well as the start of substantial talks and the restructuring of debt."

He said the discussion with other eurozone leaders Tuesday "took place in a positive climate" and said he expects the process to reach an agreement will be speedy.

"It will begin in the next few hours with the aim of concluding until the end of the week at the latest," he said.

European Commission President Jean-Claude Juncker says authorities are prepared for all eventualities in Brussels' drawn-out negotiations with Greece about its financial crisis -- including a scenario in which debt-laden Greece leaves the euro single currency or the European Union itself.

"The commission is prepared for everything. We have a Grexit scenario, prepared in detail," Juncker said after an emergency eurozone summit wrapped up with leaders giving Greece until Thursday to submit detailed reform proposals that could form the basis of a new bailout.

Juncker did not elaborate on what exactly he meant by the term Grexit.

He says the commission also has plans in case Greece needs humanitarian aid and, what Juncker called his favourite option, "a scenario how to deal with the problem now keeping Greece as a member of the euro area."